New Accounting Pronouncements (Tables)

9 Months Ended

Sep. 30, 2018

New Accounting Pronouncements [Abstract]

Summary of the Effects of Adopting ASC 606

A summary of the effects of adopting ASC 606 on the Condensed Consolidated Financial Statements follows:

	Three Months Ended September 30, 2018
(in millions)	As Reported		Balances Without Adoption of ASC 606		Effect of Change Higher/(Lower)
Condensed Consolidated Statement of Income
Revenues	$	1,181.4	$	1,175.1	$	6.3
Cost of goods sold	867.1		862.3		4.8
Operating income	140.0		138.5		1.5
Provision for income taxes	25.0		24.7		0.3
Income from continuing operations	96.9		95.7		1.2
Net income	99.7		98.5		1.2

	Nine Months Ended September 30, 2018
(in millions)	As Reported		Balances Without Adoption of ASC 606		Effect of Change Higher/(Lower)
Condensed Consolidated Statement of Income
Revenues	$	3,402.2	$	3,375.9	$	26.3
Cost of goods sold	2,506.3		2,487.6		18.7
Operating income	394.4		386.8		7.6
Provision for income taxes	76.9		75.1		1.8
Income from continuing operations	269.5		263.7		5.8
Net income	523.0		517.2		5.8

	September 30, 2018
(in millions)	As Reported		Balances Without Adoption of ASC 606		Effect of Change Higher/(Lower)
Condensed Consolidated Balance Sheet
Receivables	$	850.5	$	802.0	$	48.5
Inventories, net	489.1		522.5		(33.4)
Other current assets	56.9		56.0		0.9
Accrued expenses	280.3		278.5		1.8
Other long-term liabilities	269.0		267.0		2.0
Retained earnings	3,287.1		3,280.6		6.5